Awardees announced for the latest Next Generation Services Challenge competition
Posted on 07/02/2020
The aim of this competition was to fund projects to speed up the responsible adoption of artificial intelligence (AI) and data technologies and solutions in the accountancy, insurance and legal sectors by enabling better access to data. This competition included a two stage application process: an Innovation Lab to develop collaborative proposals and an application submission and presentation.
Below is a summary of the awarded projects and their details:
Engine B is focused on the development and adoption of a standardised set of knowledge graphs, underpinned by industry agreed common data models and a common data access platform for professional services (structured and unstructured data) which will provide the equivalent open access to corporate data on a scale equivalent to open banking.
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Icebreaker One is a global non-profit dedicated to make data-at-scale work harder to deliver innovative financing for a carbon-zero future. The project will develop a new Standard for Environment, Risk and Insurance (SERI) to design, test and develop financial products with Icebreaker One members ahead of COP26 in Glasgow later this year. Current SERI launch partners are Aon, Arup, Agvesto, Bird & Bird, Brit Insurance, Dais LLP, Lloyd’s Register Group and the University of Cambridge.
As large catastrophic events occur with higher frequency, the UK’s insurance market is under pressure to evolve. SERI has the potential to transform the sector, enabling the insurance industry to innovate around climate change and the new kinds of risk it creates, by developing both current and new products to maintain the UK’s position at the forefront of global insurance.
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RegNet is a platform that combines multiple technologies to create a secure, privacy-preserving data access and data collaboration network for regulated sectors.
The RegNet platform will power the global development of ethical AI providing the technology infrastructure for scalable, automated, repeatable, and responsible data-access, supporting the Fourth Industrial Revolution and the UK’s leading position in it.
RegNet is supported by Innovate UK Government funding and led by Regulaition (RegTech/LawTech start-up), in collaboration with UCL and Loughborough University and a cross-sector consortium including the Financial Conduct Authority (Regulator), Wilson Wright LLP (Accountancy), Oasis Loss Modelling Framework (Insurance) , Ashurst LLP (Legal Services), Deutsche Bank (Bank), and The OpenDataInstitute (Data Ethics).
By fusing IoT, AI and distributed ledger technologies around standardized data models, Sweetbridge are developing a national, open demonstrator of real-time risk identification and management tool for corporations, insurers, accountancies and lawyers, using the food & drink manufacturing supply chain as an exemplar use case.
The platform will step-change data sharing needed for risk management by corporations, auditors, lawyers and insurance companies providing new ways of identifying and managing exposure to individual and systemic risk in supply chains through the sharing of data across insurance, accountancy and legal stakeholders.